Politics
PRESS STATEMENT SIGNED BY H.E ATIKU ABUBAKAR
Published
5 months agoon
By
Ekwutos BlogTinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan
In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.
The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.
The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.
According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.
The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.
What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.
Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.
Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.
It is on this note that we are calling on the Federal Government to speak up on this shady deal.
It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.
That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.
There are questions to be answered on the integrity of this deal, and we earnestly request the Federal Government to talk directly on these cloudy details behind the deal.
We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions.
1. Has the Federal Government accessed the loan?
2. Is the loan in the government’s borrowing plan as approved by the National Assembly?
3. Who are the parties to the loan, and what specific roles are they expected to play?
4. What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?
5. And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?
Signed
Atiku Abubakar
Vice President of Nigeria, 1999-2007.
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Politics
Tinubu distributes palliatives to SUG presidents nationwide
Published
1 day agoon
January 14, 2025By
Ekwutos BlogPresident Bola Tinubu has extended palliative support to Student Union Government (SUG) Presidents across Nigeria’s 36 states and the Federal Capital Territory.
The distribution of rice, facilitated by the Special Adviser on Students Engagement, Asefon Sunday, took place in Abuja.
During the event, Asefon explained that the initiative was part of the President’s ongoing efforts to support students and their communities. He recalled a similar gesture in December 2024, when student leaders received palliative support during the Christmas and New Year celebrations.
“Today, SUG Presidents across the Federation will receive rice from President Bola Ahmed Tinubu, a leader who values students not just as tomorrow’s leaders but as leaders of today,” Asefon said.
He noted that the rice, initially meant for distribution in December 2024, arrived late in Abuja on December 28. To ensure proper distribution, representatives were invited to Abuja to personally receive the items. Two SUG Presidents were selected from each zone to oversee and manage the distribution process.
“This is unprecedented. For the first time in this country, a sitting President is directly reaching out to student leaders during the festive season,” Asefon remarked.
Looking ahead, Asefon assured students of more benefits under the Presidential initiative in 2024. “This is a time for Nigerian youth and students to reflect, express their views, and engage actively with the government. The impact of this administration is now being felt by students nationwide,” he added.
Fahad Abdullahi, the SUG President of Abubakar Tafawa Balewa University, Bauchi, expressed gratitude on behalf of the student leaders. “We were informed that all SUG Presidents across the nation would receive rice, a kind gesture from the President. We sincerely appreciate this initiative and commend him for his focus on students, from the Nigerian Education Loan Fund to this Rice Initiative,” Abdullahi said.
President Bola Ahmed Tinibu has approved the appointment of Folashade Arinola Adekaiyaoja fsi+, fdc, as Deputy Director General for the Service.
The approval, the first by any president, has drawn commendation from a large section of serving and retired DSS officers who see the move as aimed at restoring professionalism to the Service.
The presidential approval, it was gathered, seeks to revise the agency’s structure for better efficiency, in line with the original onanogram of the service.
Checks revealed that the DSS is structured to comprise three Deputy Directors General in its hierarchy.
The appointment and ratification by the President, according to elated operatives of the agency, was based on the recommendation of the DG through the National Security Adviser (NSA), Mallam Nuhu Ribadu.
One of the sources told Vanguard that the appointment is in line with its extant regulations and unprecedented in the history of the Secret service.
The appointment of Adekaiyaoja, a native of Kogi State, it was gathered, is being celebrated by a cross section of officers and operatives who see her as eminently qualified for the position.
It was further gathered that President Tinubu had, in line with his promise to improve on the security of life and property of Nigerians, tasked the heads of security agencies to come up with proposals on how to improve on their service delivery.
“It was on this note,” offered a security source, “that the President approved the DG’s recommendation, which many serving and retired officers are confident would boost career progression in the Service.”
Politics
Wike signs 5,481 C-of-O in one year, FCT land allottees now get title documents in two weeks
Published
1 day agoon
January 14, 2025By
Ekwutos BlogAs at December 31, 2024, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has signed a total of 5,481 Certificates of Occupancy (C-of-O), the Minister’s Senior Special Assistant on Public Communications and New Media, Lere Olayinka, has said.
This is 2,919 less than the total number of C-of-O printed and signed by the Federal Capital Territory Administration (FCTA) from 2010 to 2023 (13 years).
In a statement on Tuesday, Olayinka said; “the moment necessary payments are made, land allottees can now get their C-of-O within two weeks.”
He said “one of the reasons land allottees do not find it compelling to pay for their C-of-O is because when they pay, they wait for years. But in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s government, that has changed now.
“Even uploading of necessary information to show when a C-of-O is collected as well as details on the collector that used to take months, is now done within 72 hours.”
Giving details of C-of-O produced and signed in the FCT in the last 15 years, the Minister’s Spokesperson said; “From May 2010 to May 2015, total of 5,655 Certificates of Occupancy were produced and signed.
“From May 2015 to May 2019, a total of 1,174 Certificates of Occupancy were produced and signed, while 1,571 were done between May 2019 and May 2023.
“Meanwhile, from May 2023 that President Tinubu assumed office till December 31, 2024, a total of 5,481 Certificates of Occupancy were produced and signed by the FCT Minister.
“Also, in the next few weeks, land allottees whose C-of-O are ready for collection will begin to receive auto-generated SMS because it has been discovered that most of them don’t even know that their title documents are ready.”
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